BP Sells 49.9% Stake in Indonesian Petrol Station Venture, Partner Firm Says

CORPORATE ACTION - JAKARTA. BP has sold its entire 49.9% stake in an Indonesian petrol station joint venture to subsidiaries of its Indonesian partner AKR Corporindo, AKR said in a disclosure statement on Monday.

Two AKR subsidiaries purchased shares held by BP for an aggregate share purchase price of $14.22 million, which will increase AKR Corporindo group ownership to 100% from 50.1%.

The divestment is part of BP's strategy to "simplify its portfolio", AKR said in the filing.

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Indonesia's energy ministry tightened direct fuel imports for private firms last year, resulting in shortages in private fuel stations including those operated by BP and Shell.

Private retailers were instructed to procure base fuel from state-owned energy firm Pertamina after exhausting their import quota.

Shell in October announced that it has completed the transfer of ownership of its petrol station business in Indonesia to the SEFAS Group.

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